LEADERS of the seven countries that form the Bay of Bengal Initiative for Multi-sectoral Technical and Economic Cooperation (BIMSTEC) met in New Delhi last Thursday to discuss a wide range of topics, including free trade, the fight against terrorism and poverty alleviation.

Prime Minister General Thein Sein joined other leaders from India, Bangladesh, Sri Lanka, Thailand, Nepal and Bhutan for the sub-regional grouping’s second summit since its founding in 1997.

The summit called for increased cooperation among BIMSTEC countries – all of which are developing countries – to promote economic co-operation in the face of the global financial crisis and rising food prices.

“We are all developing countries faced with similar challenges. BIMSTEC is therefore an idea whose time has come,” Indian Prime Minister Mr Manmohan Singh, who chaired the meeting, told a media briefing held at the end of the summit.

“It is against this background that we have held very positive and forward-looking discussions today,” he said.

“The retreat provided us a useful opportunity to exchange views on several pressing issues, such as the international financial crisis, energy security, food security and climate change,” he said.

“There was a common desire among all leaders to work together to meet these challenge.”

In his opening address to the summit, Mr Singh highlighted the importance of finalising the free trade agreement signed by BIMSTEC leaders at their previous summit in Thailand in 2004.

He said considerable progress has been made in negotiating the free trade deal among the BIMSTEC countries, whose combined gross domestic product is worth US$1.7 trillion.

“The early conclusion of such an agreement would be a shining symbol of our cooperation,” Mr Singh said.

He said BIMSTEC leaders had also expressed concerns about the threat of terrorism.

A BIMSTEC anti-terrorism agreement that has been under negotiation since 2004 has been finalised, according to a joint statement issued after the summit.

The statement said leaders at the summit had also agreed to work on alleviating poverty, adding that foreign ministers of the grouping were due to meet to lay down plans to address the issue.

“BIMSTEC is an opportunity we should seize together. … There is much greater connectivity between us: more trade and investment, and more people-to-people exchanges,” Mr Singh said.

“The winds of democracy have swept across our countries,” he added.
Myanmar joined BIMSTEC in 1998, the year after it was formed.

Meanwhile, General Thein Sein reaffirmed at the summit that Myanmar would take over the rotating chair of BIMSTEC from India early next year, the state-owned New Light of Myanmar reported.

It will be the first time Myanmar has assumed the role since it joined BIMSTEC in 1998, the year after the regional grouping was formed.

Myanmar is expected to take over the one-year chair after hosting a meeting of the grouping’s foreign ministers next year.